Pensioner Millionaires in the UK Identifying the numbers
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1 Pensioner Millionaires in the UK Identifying the numbers By Jeremy Leach, Senior Researcher October 2012 The Intergenerational Foundation ( charity no:
2 Summary The starting point for the Intergenerational Foundation s work is the UK government s Wealth and Asset Survey that was completed in This research includes an analysis of total household wealth (including private pension wealth but not the value of state pensions) and identifies the total numbers of households with assets of 1million and above by age band. By calculating the numbers of individuals that these households represent (based on average household size for each age band) it is possible to say how many people aged over 65, and in each of the individual years between 60 and 65, live in households with a total wealth of more than 1million. In 2011 IF estimates these figures to be as follows for those aged 60+ living in the UK. Total in 000 s UK Aged Aged 64+ 1,124.1 Aged 63+ 1,321.4 Aged 62+ 1,509.1 Aged 61+ 1,684.5 Aged 60+ 1,855.3 IF sets out how we have arrived at these estimates in the detailed findings below. In summary, the Wealth and Assets Survey tells us what proportion of the households in each age band has assets of 1million and above. Office of National Statistics data tells us the total number of households. Data from the Communities and Local Government provides the structure of those households by age group. With this data we can work out how many people live in households with assets of 1million and over. EU data on the UK population indicates how many people on average live in households in each of the different age bands. From this we can, therefore, estimate the total numbers of people living in households with assets of 1m+. 2
3 The Detailed Findings The findings should be read in combination with: The attached Appendix. Chapter 2 of the Wealth and Assets Survey from the 2008/2010 wave covers Total Household wealth. This was comprised as follows: PAGE 2 - Aggregate total wealth (including private pension wealth) of all private households in Great Britain in 2008/10 was 10.3 trillion, rising from 9.1 trillion in 2006/08. Breakdown of aggregate wealth: by components, 2006/08, 2008/10, Great Britain, Billion 2006/ /10 Property wealth (net) 3,532 3,447 Financial wealth (net) 1,031 1,085 Physical wealth 961 1,012 Private Pension wealth 3,626 4,786 Total Wealth (including Private pension wealth) 9,149 10,330 Total Wealth (excluding Private pension wealth) 5,523 5,544 On page 17 of the Wealth and Assets Survey the household total wealth is shown by age band. It is from this starting point that all the calculations have been made (Table 1). Knowing the structure of each of the wealth bands is only useful in relation to the whole population. It is possible to identify the numbers of households that each age band represents in all of the countries that make up Great Britain (the area covered by the Wealth & Asset Survey). The total numbers of households appears in Table 2 (having been brought up to 2011 figures as accurately as possible). These are then calculated into the number of households in each age band in Table 3. With the structure of the age bands it is now possible to calculate the numbers of households in each age band and wealth band that were given in Table 1 this is shown in Table 4. The number of households which have assets of more than 1million by age band is revealed. 3
4 The next question is how many individuals the figures represent and to identify accurately the numbers of those who are retired who fall within the age band 55 to 64. Data sources for the average household size per age band are not readily available so The Intergenerational Foundation has created an estimate of them using EU population data which used samples that are representative of the UK population and bringing them up to date. This is shown in Table 5 the yellow band shows the average household size by age band. It is then possible to convert the numbers of households by age and wealth band into individuals contained (Table 6). Finally it is possible to assess the numbers covered by the age band 55 to 64 and break them down into the individual years. Table 7 shows the structure of the GB population by age between 55 and 64. Given that there were 1,732,000 persons aged 55 to 64 living in households with 1million + in assets, Table 7 can be used to estimate how they will be apportioned by year (Table 8). Table 9 adds these together to reveal the cumulative increase in numbers from those aged 65+ to those aged 60+. The original Wealth Asset Survey figures were for Great Britain only but if Northern Ireland is also included (on the basis of its own population structure BUT assuming the same household wealth structure as GB) then the total in the number of people with assets over 1 million increases for the whole of the UK as follows: GB (000s) NI (000s) Total-UK (000s) Aged Aged 64+ 1, ,124.1 Aged 63+ 1, ,321.4 Aged 62+ 1, ,509.1 Aged 61+ 1, ,684.5 Aged 60+ 1, ,
5 Appendix Table 1 Age of persons by household wealth 1, 2006/08 2, 2008/10 in Great Britain (percentages) 2008/10 Number of HHS (2006) GB < but < 40,000 40,000 but < 100, ,000 but < 150, , ,000 but < 500,000 but < 1 million 1 million or more Age Band , , , , ,669 All 25, Table 2 Total number of households (1,000s) England Wales Scotland GB NI UK No of members in each household England ,523 1,212 2,195 23, , ,691 1,224 2,211 24, , ,831 1,235 2,230 24, , ,969 1,249 2,249 24, , ,170 1,259 2,271 24, , ,344 1,271 2,291 24, , ,527 1,284 2,314 25, , ,731 1,297 2,331 25, , ,842 1,308 2,345 25, , ,952 1,320 2,357 25, , ,063 1,332 2,368 25, ,
6 Table 3 Number of households in each age band Age , , , , ,910 Total 25,763 Table 4 Number of households by wealth band and age band 2011 HH Structure - ALL HHs < 40,000 40, , , , ,000 1million 1 million or more , , , , , , All 25,763 1,770 2,091 2,474 1,788 3,572 1,608 3,725 2,396 3,405 2,932 6
7 Table 5 Household size by age band Age Group Grand Total , , , , Grand Total 851 1,096 1, ,179 6, Adjustment for actual 2011 figure of Table 6 Resulting numbers of persons living in each class of age and wealth band (GB) 2011 HH Structure (All HHs) < 40,000 40, , , , ,000 1 million 1 million or more , ,905 1,237 1,301 1,885 1,090 1, ,326 1,202 1,336 1,753 1,335 2,458 1,018 2,236 1,278 1, , , ,637 1,239 1,843 1, , , ,391 1, , , ,674 1,048 1, All 60,484 4,155 4,908 5,808 4,197 8,385 3,774 8,745 5,625 7,994 6,884 7
8 Table 7 Population size by age COUNTRY Total UK ,342 GREAT BRITAIN ,151 ENGLAND AND WALES ,500 ENGLAND ,111 WALES SCOTLAND NORTHERN IRELAND Table 8 Age distribution of people aged 55 to 64 in GB in 1M+ HHs Total Great Britain - each year as % of total in Age Band 10.3% 10.2% 9.9% 9.6% 9.8% 9.8% 10.1% 10.4% 11.3% 8.6% % Including 2012 number of people ,732.0 Cumulative increase from 64 to 55 is as follows: 1, , , , , Table 9 Total number of people in 1M+ HHS (000s) GB NI Total UK Aged Aged 64+ 1, ,124.1 Aged 63+ 1, ,321.4 Aged 62+ 1, ,509.1 Aged 61+ 1, ,684.5 Aged 60+ 1, ,
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